CA Rover Holdings, a subsidiary of the Carlyle Group, is going to sell its stake to SBI Cards. This will benefit the company of 5000 crores. Even before this, the company has sold its shares to SBI.
This company will sell stake in SBI Cards
American private equity fund company CA Rover Holdings is going to sell its 5.1 percent stake to SBI Cards and Payment Services on Friday. It is believed to be the biggest deal of the year 2021. Due to this, the company can get Rs 5,000 crore ($ 682 million). The price band per share for this deal has been fixed at Rs 1,002 to 1041.30. It is known that CA Rosever is a subsidiary of private equity firm Carlyle Group.
According to the proposed block deal plan, the Carlyle Group will have a total profit of Rs 15,800 crore. Even after selling the stake, he will hold 6.51 percent of the shares, whose current value is about Rs 6,438 crore. SBI Cards stock has jumped nearly 39 per cent from its IPO price of Rs 755 on the deal.
Stake was also sold in March
As of March 31 this year, CA Rover Holdings’ stake in SBI Cards and Payment Services stood at 11.61 per cent. In March, Carlyle sold about 4 per cent stake in SBI Cards through a block deal for Rs 3,800 crore. It reduced its stake in SBI Cards from 15.86 per cent to 11.61 per cent. These days Carlyle is investing heavily in the financial services sector. In 2017, it bought 26 per cent stake in SBI Cards from GE Group for Rs 2000 crore.
Earned more than 8 times profit in 3 years
In March, the country’s second largest credit card firm SBI Cards brought its IPO. During that also Carlyle had sold its 10 percent stake. During that time the company had sold shares for 7,000 crores. In this way, Carlyle Company earned profits up to 8.5 times in 3 years.
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